The Role of Internal Control in the Risk-Based Audit

Overview

This program addresses the role of client internal controls for balancing efficiency and effectiveness in a risk-based audit. Practical insights regarding an auditor’s assessment of the risk of material misstatement when auditing financial statements of non-issuers will be explored, with particular emphasis on internal controls of small-to-medium clients. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event. This event may be a rebroadcast of a live event and the instructor will be available for your questions during the event.

Highlights

The major topics that will be covered in this course include:

• Specific matters auditors should consider when obtaining and documenting an understanding of the client's internal control system
• Development of a tailored audit approach that considers the potential reliance on internal controls
• Guidance for establishing an adequate basis for reliance on internal controls of less formal, smaller clients

Prerequisites

Basic working knowledge of the audit process.

Designed For

CPAs in public practice and members in industry.

Objectives

After attending this presentation you will be able to...

• Identify minimum understanding and documentation requirements if the auditor does not intend to rely on internal controls.
• Recognize internal controls of less-sophisticated, small-to-medium sized audit clients.
• Utilize identified internal controls for an efficient, risk-based approach to audits conducted in accordance with generally accepted auditing standards.
• Document your procedures and related conclusions

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by CPA Crossings. Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.